Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

Global stocks wavered and oil prices rose on Tuesday, as conflict between Israel and Iran entered its fifth day, while the yen was choppy after the Bank of Japan decided to slow the pace of reduction in its bond purchases from April next year.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

The national average price of gas has increased week-over-week for the first time since May, as the Israel-Iran conflict raises concern in the oil market.

Explore why ConocoPhillips is poised for growth amid rising oil prices, with strong Q1 earnings and potential outperformance of major rivals.

Crude oil prices surged by more than 8% on Friday to hit 4-month highs after Israel’s attacks on Iran’s nuclear sites sparked supply concerns. Friday’s spike in crude oil prices is the largest single-day rise since Russia attacked Ukraine in 2022.